As a region that pioneers in circular innovation, we are extremely proud to welcome this new ecosystem-strengthening partner in Flanders. There can be no assurance that future developments will be those that have been anticipated. 21, 2017The facility will utilize a technology that is capable of generating recycled PP with virgin-like properties. PureCycle Ohio1125 County Road 1AIronton, OH 45638, 12:00 - 3:00 PM ESTLunch & entertainment will be provided, JW Marriot, Grand Lakes4040 Central Florida PkwyOrlando, FL 32837, 6:00 - 9:00 PM ESTDinner & entertainment will be provided. PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. PureCycle Technologies' process offers the only recycled polypropylene with properties equal to virgin polymer. Continue Reading. 2023 PureCycle Technologies. The Company is building its first commercial-scale plant in Ironton, Ohio, which is expected to have nameplate capacity of approximately 107 million pounds per year when fully operational. By Staff Reports. We are excited about our recent progress and look forward to updating you as we continue to advance our objectives throughout the remainder of 2022 and beyond., Larry Somma, PureCycles Chief Financial Officer, added, Following our successful private placement equity raise in March, we remain intently focused on securing project debt financing for Augusta lines 1 and 2, along with three PreP facilities. PureCycle's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PureCycle's UPR resin in food grade applications (both in the United States, Europe and internationally); PureCycle's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PureCycle's facilities (both in the United States, Europe and internationally); expectations and changes regarding PureCycle's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PureCycle's ability to invest in growth initiatives; PureCycle's ability to scale and build its first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility") in a timely and cost-effective manner; PureCycle's ability to complete the necessary funding with respect to, and complete the construction of, its first U.S. multi-site facility located in Augusta, Georgia (the "Augusta Facility"), in a timely and cost-effective manner; PureCycle's ability to sort and process polypropylene plastic waste at its plastic waste prep ("Feed PreP") facilities; PureCycle's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PureCycle's business model and growth strategy; the success or profitability of PureCycle's offtake arrangements; the ability to source feedstock with a high polypropylene content; PureCycle's future capital requirements and sources and uses of cash; PureCycle's ability to obtain funding for its operations and future growth; developments and projections relating to PureCycle's competitors and industry; the outcome of any legal or regulatory proceedings to which PureCycle is, or may become, a party including the securities class action case; geopolitical risk and changes in applicable laws or regulations; the possibility that PureCycle may be adversely affected by other economic, business, and/or competitive factors, including rising interest rates; turnover or increases in employees and employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including significant inflation, supply chain conditions and its related impact on energy and raw materials, and PureCycle's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine); the potential impact of climate change on the company, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; the risk that the COVID-19 pandemic ("COVID-19"), including any new and emerging variants and the efficacy and distribution of vaccines may have an adverse effect on PureCycle's business operations, as well as PureCycle's financial condition and results of operations. All subsequent written and oral forward-looking statements or other matters attributable to PCT or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Ticker NASDAQ: . Worlds-first, global impact, game changing, are words that have been used to describe the PureCycle Technology project. Plastic supports our everyday life in countless ways and we often underestimate the important role it, 5950 Hazeltine National Drive The company's flagship recycling plant in Ironton is Ohio expected to start pellet production in Q1 2023. The advanced recycling company and the Port of Antwerp-Bruges today jointly announced . Feedstock and Commercial UpdatePureCycle has continued to advance the feedstock procurement pipeline, with approximately 301 million pounds of polypropylene waste under Letter of Intent (LOI), to fully supply the first two lines of the Company's Augusta's purification facility. . By continuing to browse this site you agree to our use of cookies. "Worlds-first", "global impact", "game changing", are words that have been used to describe the PureCycle Technology project. PureCycle Vice President of European Operations, Wiebe Schipper, commented, "The announcement of our first location in Europe marks the next phase in executing PureCycle's global growth strategy. Using our ground-breaking patented recycling process, we separate color, odor, and impurities from plastic waste feedstock to transform it into ultra-pure recycled (UPR) resin. Please register for the conference call using the above link in advance of the call start time. At this stage, PureCycle has several options that are being evaluated that gives us confidence that the Company will raise the necessary capital to fund Phase 1 of our multi-line development in Augusta and three East Coast PreP facilities. Continue Reading. The company's flagship recycling plant in Ironton, OH, is expected to start pellet production in Q1 of 2023, and a second plant in Augusta, GA, is under construction. Based on the current expectation that funding for the project will be in place by year-end, we now anticipate mechanical completion, startup, and full commissioning of Augusta lines 1 and 2 to be in the second half of 2024. 5 plastic) into a continuously renewable resource. More. The PureCycle Technologies Feedstock Evaluation Unit construction is under way! Ms. Ettefagh has been an avid public speaker at conferences, symposiums, and in webinars for the past 25 years, and served on several Boards, including the Sustainable Packaging Coalition from 2019 to 2020. As Ironton and Augusta projects progress, the Companys current sales cycle continues to shorten. We believe the market's continuing interest in PureCycle's UPR resin is demonstrated through the acceptance of the Feedstock + pricing mechanism and the compilation of offtake agreements accumulated for both Ironton and Augusta operations. PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's UPR resin in food grade applications (both in the United States and abroad); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (both in the United States and abroad); expectations and changes regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives; PCT's ability to scale and build the Ironton facility in a timely and cost-effective manner; PCT's ability to complete the necessary funding with respect to, and complete the construction of the Augusta facility, its first U.S. cluster facility located in Augusta, Georgia, in a timely and cost-effective manner; PCT's ability to sort and process polypropylene plastic waste at its plastic waste prep ("Feed PreP") facilities; PCT's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content; PCT's future capital requirements and sources and uses of cash; PCT's ability to obtain funding for its operations and future growth; developments and projections relating to PCT's competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become a party, including the securities class action case; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors; turnover or increases in employees and employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including significant inflation, supply chain conditions and its related impact on energy and raw materials, and PCT's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; the risk that the COVID-19 pandemic, including any new and emerging variants and the efficacy and distribution of vaccines may have an adverse effect on PCT's business operations, as well as PCT's financial condition and results of operations. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. ORLANDO, Fla., Nov. 9, 2022 /PRNewswire/ -- PureCycle Technologies, Inc. ("PureCycle" or "the Company") (NASDAQ: PCT), a U.S.-based company revolutionizing plastic recycling, today announced a corporate update and financial results for the third quarter ending September 30, 2022. Claim this business. Independent Construction Monitoring Reports, PureCycle Named No. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in ultra-pure polypropylene suitable for any PP market. . The facility, which is being built as part of Procter & Gambles innovation to boost polypropylene recycling, will utilize a technology that is capable of generating recycled PP with virgin-like properties. Plastics. Dustin Olson reiterated this number in the Q1 earnings call. The unique purification process removes color, odor, and other impurities from No. in Political Science and Communications from the University of Pennsylvania. Waste360 - Waste360 Staff - Jul. PureCycle continues to progress negotiations on the remaining 30% of available volume. PureCycles PureZero program is continuing with an expanded list of targeted organizations that includes both professional and collegiate leagues.Augustas lines 1 and 2 are currently 70% allocated through multi-year offtake contractual agreements and commitments, with notable volume derived from packaging converters. Except to the extent required by applicable law or regulation, PCT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. Before Hyatt, Larry worked for Lennar Corporation, Sara Lee Corporation, Fisher Scientific International and General Motors Corporation in different finance roles, including an expatriate assignment in London, England. 2023 PureCycle Technologies. Mike Otworth, PureCycles Chairman and Chief Executive Officer, said, PureCycle made considerable operational progress during the first quarter of 2022 and continues to execute against its strategic growth plan. This process fully closes the loop on the reuse of recycled . PureCycle Technologies, Inc. ("PureCycle" or "the Company") (NASDAQ: PCT), a U.S.-based company revolutionizing plastic recycling, today announced a corporate update and financial results for the . To learn more, visit purecycletech.com. The Company had total liquidity of $609.9 million including $418.0 million of cash, cash equivalents and debt securities available for sale and $191.9 million in restricted cash. KraussMaffei Delivers Final Extruder for PureCycle's Flagship Purification Plant Ahead of Schedule. Our ultra-pure recycled plastic can be recycled and reused multiple times, changing our relationship with plastic. Construction of the plant is expected to begin upon completion of the permitting process, which is currently anticipated in 2024. 27IRONTON PureCycle Technologies LLC (PureCycle), in collaboration with JobsOhio, Ohio Southeast Economic Development (OhioSE), and Southern Ohio Port Authority, announced Monday plans to invest $363 million in the construction of a plant in Lawrence County, Ohio that will recycle polypropylene. Since our last corporate update we executed a joint venture agreement ("JVA")with SK geo centric for the development of a polypropylene purification facility in Ulsan, South Korea. Polypropylene recycler PureCycle Technologies is in the process of building out its key locations and is not yet earning revenue. is the first zero plastic waste program for sports and entertainment. PureCycle remains steadfast in its mission to advance the sustainable plastic revolution on a global basis through its unique purification process. An operator will register your name and organization. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. PureCycles also announced its recent elevation of Dustin Olson to chief operating officer in addition to his chief manufacturing officer responsibilities and the expansion of two key roles to the Companys current finance team. A ground-breaking process that recycles waste plastic into a sustainable ultra-pure resin. United States. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Conference CallThe Company will hold a conference call Thursday, November 10th at 11:00 a.m. She holds a Bachelor of Science in Communications from Texas A&M University. From October 2015 to February 2019, Mr. Kalter served as Executive Vice President, General Counsel and Corporate Secretary of Exide Technologies (Exide), a battery manufacturing and energy storage business, overseeing global legal from 2015 to February 2019. Search job openings, see if they fit - company salaries, reviews, and more posted by PureCycle Technologies employees. Third Quarter 2022 Conference Call Details. PureCycle, Port of Antwerp-Bruges Announce NextGen District as Location For PureCycles First Plastic Recycling Plant in Europe, KraussMaffei Delivers Final Extruder for PureCycle's Flagship Purification Plant Ahead of Schedule, Viscosity Modification of PureFive HPP15S Using Millikens DeltaFlow, Orlando Magic Advance Sustainability Efforts with PureCycle's PureZero Program. All subsequent written and oral forward-looking statements or other matters attributable to PureCycle or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. We have engaged Jefferies LLC to lead the project debt financing, which is progressing, and we look forward to providing updates to the market as soon as it is completed.. PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company, for restoring waste polypropylene (PP) into ultra-pure resin. www.portofantwerpbruges.com, PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. It also has released financial results for the third quarter ending Sept. 30. We are excited to bring our Ultra-Pure Recycled (UPR) resin to customers in Europe, where companies and policies are at the forefront of the circular economy. Company Contact:Anna Farrarafarrar@purecycle.com(954) 647-7059, Investor Relations Contact:Georg VenturatosGateway Investor RelationsPCT@GatewayIR.com(949) 574-3860, Using our ground-breaking patented recycling process, developed by Procter and Gamble, we separate color, odor, and contaminants from plastic waste feedstock to transform it into ultra-pure recycled resin., PureCycle Technologies Provides First Quarter 2022 Update, PureCycle, Port of Antwerp-Bruges Announce NextGen District as Location For PureCycles First Plastic Recycling Plant in Europe, KraussMaffei Delivers Final Extruder for PureCycle's Flagship Purification Plant Ahead of Schedule, Viscosity Modification of PureFive HPP15S Using Millikens DeltaFlow, Orlando Magic Advance Sustainability Efforts with PureCycle's PureZero Program. Orlando, FL 32822. PureCycle Technologies, Inc. ("PureCycle" or "the Company") (NASDAQ: PCT), a U.S.-based company revolutionizing plastic recycling, today announced a corporate update and financial results for the . The unique purification process removes color, odor, and other impurities from No. Vision: An infinitely sustainable planet. The construction site is now energized and 4 out of the 26 modules have been delivered and lifted into place. The Sensi+ is a laser-based analyzer used for monitoring natural gas quality. To support advancement of the commercial project, the Mortenson team instituted proven processes to streamline communication amongst the team and established project management controls. Jeff Kramer, PureCycle's Ironton plant manager, left, receives an award on behalf of the company from Katie Farber, vice president of Ohio Southeast, part of Jobs Ohio. Today there is virtually no UPR resin in the market, and PureCycle is the first company to solely focus on recycling and reintegrating PP upstream into high-value, consumer-facing applications. PureCycle aims to have its Ironton, Ohio, facility for producing what it calls "ultra-pure recycled polypropylene" running by the first quarter of 2023. . In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Prior to joining Exide, Mr. Kalter served as General Counsel at Cotton States Insurance Group, a multi-line insurance group, from 1999 through 2003. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Headquarters. Various funding options are currently being considered, including traditional financing sources as well as grants/subsidies for circular projects that are uniquely available in the EU. As a result of the financing not closing by June 30, 2022, on October 5, 2022, the Company and the AEDA executed an agreement that permits the AEDA to terminate the MOU should the Company fail to obtain financing by December 31, 2022. Larry Somma has nearly three decades of experience in the corporate finance sector at world-class publicly traded companies within the plastics, manufacturing, hospitality, and consumer goods industries. The team also completed an independent cost review during the development phase of the project and worked closely with project partners to assist in driving down costs, ultimatelyshaving over 20% off of the GMP. A Florida company is setting up shop in Lawrence County, Ohio, investing $360million in a plastics recycling facility. The new plant is expected to have an annual capacity of . 5950 Hazeltine National Drive The Company continues to focus on securing feed for the remaining feedstock capacity and is actively targeting feed streams that are currently being landfilled or incinerated. Minister-President of Flanders, Jan Jambon,remarked, "PureCycle selected Flanders as the preferred location within the EU for the construction of its first European recycling plant. PureCycles flagship purification facility in Ironton, Ohio, remains on schedule targeting mechanical completion in early fourth quarter 2022 and expected pellet production PureCycles flagship purification facility in Ironton, Ohio, remains on schedule targeting mechanical completion in early fourth quarter 2022 and expected pellet production by year-end Constructionis underway for PureCycles second purification facility, the first multi-line purification facility in Augusta, Georgia, with Phase 1 (260 million pounds capacity) on track for startup in fourth quarter of 2023.Commercial pipeline progressing with the Augusta purification facility (lines 1 & 2) currently 70% allocated through multi-year commitments. The facility, which is being built as part of Procter & Gamble's innovation to boost polypropylene recycling, will utilize a technology that is capable of generating recycled PP with virgin-like properties. Toll-Free: 877-648-3565. The first phase of the program involved building a Feed Stock Evaluation Unit that successfully demonstrated the process in 2019 and continues to serve as a test facility for prospective feedstock. Prior to joining PureCycle, Olson spent more than 20 years developing a diverse career path across refining, olefins, specialty chemicals, and specialty polymers throughout the United States, The Netherlands, and China. The new plant is expected to have an annual capacity of 59,000 metric tons (130 million pounds), with opportunities to expand operations in the future since the 14-hectare plot can support up to four processing lines with an anticipated total capacity of approximately 240,000 metric tons (500 million pounds) per year (in total for all four processing lines). Company Contact PureCycle Technologies, Inc. 5950 Hazeltine National Drive Suite 300 Orlando, FL 32822 Toll-Free: 877-648-3565 She has over 32 years of experience in the areas of recycling and plastics recycling, including implementing a recycling collection program, running the recycling operations for a manufacturing recycling facility, purchasing raw materials, and selling recycled resins for plastic recycling companies. These risks and uncertainties include, but are not limited to, those factors described in the section of PCTs Annual Report on Form 10-K for the fiscal year ended December 31, 2021 entitled Risk Factors, those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the SEC) by PCT and the following: Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The second phase, currently underway, involves scaling the evaluation process over 1000X to commercial scale. PureCycle Technologies is renovating three buildings on 23 acres near Ironton . 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